Subject: File No. S7-25-99
From: Ryan Darwish

September 10, 2004

I am writing to comment on the SEC rule which represents flagrant disregard
for a public policy which puts the public's financial interests in a primary
position. The SEC's rule allowing large financial institutions to
essentially misrepresent the services they offer provides a venue of "a wolf
in sheeps clothing" for these firms and their sales representatives. This is
especially egregious given the the recent history of institutional
malfeasance that has occured in our financial market environment. Not only
is this morally and ethically indefensible, it is bad social public policy.
It supports a context of eroding whatever confidence may be left in the
integrity of our financial markets. As the SEC is well aware, it is only by
having a playing field where participants have a high degree of trust in the
system that allows the continued formation of capital essential for
continued investment and expansion of the economy.

Please reconsider this poorly crafted policy position. The requirement of
full disclosure allows prospective investors the opportunity to better
assess the fuller spectrum of risks they assume when investing and making
financial decisions. This should be the foundation of a well developed,
efficient, and ethical capital market system.